LCOR Ready to Start 55 Bank Street.

The Common Council has called a Special Meeting this afternoon at 5 P.M. to schedule a public hearing for the September 2 regularly scheduled Council meeting to present a second amendment to the contract for the sale, WPCNR believes, of the commuter parking lot that LCOR had agreed to purchase for $15 Million 7 years ago upon which would be transormed into a hotel and apartment/retail complex. It is unclear whether the hotel is still part of the project.

John Martin, Common Council President, told WPCNR this morning when asked if this was an indication that, after seven years, LCOR is preparing to start the project, Martin said the hearing is strictly a formality so that the project would go ahead as soon as possible.

LCOR payments on the commuter parking lot have been suspended since 2008 when LCOR asked the city to suspend payments until such time as when LCOR could actually begin construction.

The LCOR project is the third project this year that was originally approved for construction seven years ago, but was prevented by the economic recession effects on the market. The other two projects were the Winbrook Revitalization, which began this year, and the Maple Avenue and DeKalb apartments.